United States
Securities and Exchange Commission
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant To Rule 13a-16 or 15d-16
of the
Securities Exchange Act of 1934
For the month of September 2002
Copamex, S.A. de C.V.
(Translation of Registrant's name into English)
Montes Apalaches 101
Residencial San AugustIn, C.P. 66260
San Pedro Garza GarcIa, N.L. MExico
(Address of principal office)
[Indicate by check mark whether the registrant files or will file annual reports
under cover of Form 20-F or Form 40-F.
Form 20-F X Form 40-F
--- ---
[Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing information to the Commission
pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes No X
--- ---
[If "Yes" is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b). 82- .]
---
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: COPAMEX Quarter: 3 Year 2002
COPAMEX, S.A. DE C.V.
CONSOLIDATED BALANCE SHEETS
AS OF SEPTEMBER 30, 2002 AND 2001
(Thousands of Pesos)
Final Printing
- --------- ---------------------------------------------------------------------------------------------------------------
REF 2002 2001
-------------------------------------------------
S Amount % Amount %
- -------------------------------------------------------------------------------------------------------------------------
1 TOTAL ASSETS 12,707,023 100 12,842,293 100
2 CURRENT ASSETS 3,054,208 24 3,219,965 25
3 CASH AND CASH EQUIVALENTS 81,976 1 130,551 1
4 TRADE RECEIVABLES, NET 1,415,403 11 1,668,815 13
5 OTHER ACCOUNTS RECEIVABLE 377,550 3 308,635 2
6 INVENTORIES 1,036,332 8 996,317 8
7 OTHER CURRENT ASSETS 142,947 1 115,647 1
8 LONG-TERM ASSETS 59,429 0 119,248 1
9 ACCOUNTS RECEIVABLE, NET 0 0 0 0
10 INVESTMENTS IN ASSOCIATED COMPANIES 59,429 0 119,248 1
11 OTHER 0 0 0 0
12 PROPERTY, PLANT AND EQUIPMENT, NET 8,795,076 69 8,786,321 68
13 PROPERTY 2,271,259 18 2,159,579 17
14 MACHINERY AND EQUIPMENT 13,239,468 104 13,158,905 102
15 OTHER EQUIPMENT 444,312 3 436,002 3
16 ACCUMULATED DEPRECIATION (7,560,567) (59) (7,140,876) (56)
17 CONSTRUCTION IN PROGRESS 400,604 3 172,711 1
18 DEFERRED ASSETS, NET 798,310 6 716,759 6
19 OTHER ASSETS 0 0 0 0
20 TOTAL LIABILITIES 9,002,759 100 8,610,677 100
21 CURRENT LIABILITIES 2,898,185 32 3,921,811 46
22 SUPPLIERS 1,031,291 11 848,045 10
23 BANK DEBT, NET 1,158,383 13 2,619,262 30
24 DEBT OFFERINGS, NET 0 0 0 0
25 TAXES 47,208 1 21,731 0
26 OTHER CURRENT LIABILITIES 661,303 7 432,773 5
27 LONG-TERM DEBT 4,120,912 46 2,722,514 32
28 BANK DEBT 1,297,228 14 925,208 11
29 DEBT OFFERINGS 2,823,684 31 1,797,306 21
30 OTHER DEBT 0 0 0 0
31 DEFERRED LIABILITIES 1,887,592 21 1,878,929 22
32 OTHER LIABILITIES 96,070 1 87,423 1
33 TOTAL STOCKHOLDERS' EQUITY 3,704,264 100 4,231,616
34 MINORITY INTEREST 194,053 5 237,273 6
35 MAJORITY STOCKHOLDERS' EQUITY 3,510,211 95 3,994,343 94
36 CAPITAL CONTRIBUTION 5,018,321 135 5,018,321 119
37 PAID-IN CAPITAL, NOMINAL 2,852,275 77 2,851,972 67
38 RESTATEMENT OF PAID-IN CAPITAL 2,159,468 58 2,159,771 51
39 ADDITIONAL PAID-IN CAPITAL 6,578 0 6,578 0
40 CONTRIBUTIONS FOR FUTURE CAPITAL INCREASES 0 0 0 0
41 CAPITAL DECREASE (1,508,110) (41) (1,023,978) (24)
42 RETAINED EARNINGS AND CAPITAL RESERVE 1,552,937 42 1,612,665 38
43 SHARE REPURCHASE FUND 0 0 0 0
44 DEFICIT FROM RESTATEMENT OF STOCKHOLDERS' EQUITY (2,687,054) (73) (2,606,852) (62)
45 NET LOSS (373,993) (10) (29,791) (1)
- -------------------------------------------------------------------------------------------------------------------------
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: COPAMEX Quarter: 3 Year 2002
COPAMEX, S.A. DE C.V.
CONSOLIDATED BALANCE SHEETS
AS OF SEPTEMBER 30, 2002 AND 2001
EXPLANATION OF CERTAIN ITEMS
(Thousands of Pesos)
Final Printing
- -------------------------------------------------------------------------------------------------------------------------------
REF 2002 2001
----------------------------------------------------------
S Amount % Amount %
- -------------------------------------------------------------------------------------------------------------------------------
3 CASH AND CASH EQUIVALENTS 81,976 100 130,551 100
46 CASH 13,128 16 16,606 13
47 CASH EQUIVALENTS 68,848 84 113,94587 87
18 DEFERRED ASSETS, NET 798,310 100 716,759 100 100
48 AMORTIZED OR REDEEMED 663,515 83 634,912 89
49 GOODWILL 134,795 17 81,847 11
50 DEFERRED TAXES 0 0 0 0
51 OTHER 0 0 0 0
21 CURRENT LIABILITIES 2,898,185 100 3,921,811 100
52 FOREIGN CURRENCY 1,860,819 64 3,315,144 85
53 MEXICAN PESOS 1,037,366 36 606,667 15
24 DEBT OFFERINGS 0 100 0 100
54 COMMERCIAL PAPER, CURRENT PORTION 0 0
55 EXCHANGE CERTIFICATES, CURRENT PORTION 0 0
56 BONDS, CURRENT PORTION 0 0
26 OTHER CURRENT LIABILITIES 661,303 100 432,773 100
57 OTHER CURRENT LIABILITIES WITH 0 0 0 0
58 OTHER CURRENT LIABILITIES WITHOUT 661,303 100 432,773 100
27 LONG-TERM DEBT 4,120,912 100 2,722,514 100
59 FOREIGN CURRENCY 3,120,912 76 2,722,514 100
60 MEXICAN PESOS 1,000,000 24 0 0
29 DEBT OFFERINGS 2,823,684 100 1,797,306 100
61 BONDS, EXCLUDING CURRENT PORTION 2,823,684 100 1,797,306 100
62 EXCHANGE CERTIFICATES, EXCLUDING CURRENT PORTION 0 0 0 0
30 OTHER DEBTS 0 100 0 100
31 DEFERRED LIABILITIES 1,887,592 100 1,878,929 100
65 TRADE PAYABLES 0 0 0 0
66 DEFERRED TAXES 1,887,592 100 1,878,929 100
67 OTHER 0 0 0 0
32 OTHER LIABILITIES 96,070 100 87,423 100
68 LABOR OBLIGATIONS 96,070 100 87,423 100
69 OTHER 0 0 0 0
44 DEFICIT FROM RESTATEMENT OF STOCKHOLDERS' EQUITY (2,687,054) 100 (2,606,852) 100
70 DEFICIT FROM HOLDING MONETARY ASSETS 0 0 0 0
71 DEFICIT FROM HOLDING NON-MONETARY ASSETS (2,687,054) (100) (2,606,852) (100)
- -------------------------------------------------------------------------------------------------------------------------------
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: COPAMEX Quarter: 3 Year 2002
COPAMEX, S.A. DE C.V.
CONSOLIDATED BALANCE SHEETS
AS OF SEPTEMBER 30, 2002 AND 2001
OTHER ITEMS
Final Printing
- -------------------------------------------------------------------------------------------------------------------------------
REF 2002 2001
----------------------------------------------------------
S Amount Amount
- -------------------------------------------------------------------------------------------------------------------------------
72 WORKING CAPITAL (*) 156,023 (701,846)
73 PENSION FUND AND SENIORITY PREMIUM (*) 96,070 87,422
74 EXECUTIVES 21 21
75 MANAGEMENT 2,917 2,790
76 LABOR 3,871 3,754
77 OUTSTANDING SHARES 28,522,751 28,519,720
78 REPURCHASED SHARES 0 0
- -------------------------------------------------------------------------------------------------------------------------------
(*) IN THOUSANDS OF PESOS.
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: COPAMEX Quarter: 3 Year 2002
COPAMEX, S.A. DE C.V.
CONSOLIDATED STATEMENTS OF INCOME
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2002 AND 2001
(Thousands of Pesos)
Final Printing
- -------------------------------------------------------------------------------------------------------------------------------
REF 2002 2001
----------------------------------------------------------
R Amount % Amount %
- -------------------------------------------------------------------------------------------------------------------------------
1 NET SALES 5,747,300 100 5,845,570 100
2 COST OF SALES (3,746,561) (65) 3,735,713) (64)
3 GROSS INCOME 2,000,739 35 2,109,857 36
4 SELLING AND ADMINISTRATIVE EXPENSES (1,389,404) (24) (1,350,601) (23)
5 OPERATING INCOME 611,335 11 759,256 13
6 COMPREHENSIVE FINANCING COST (823,989) (14) (198,555) (3)
7 INCOME (LOSS) AFTER COMPREHENSIVE FINANCING COST (212,654) (4) 560,701 10
8 LOSS FROM OTHER FINANCIAL OPERATIONS (122,069) (2) (617,961) (11)
9 LOSS BEFORE TAXES AND EMPLOYEE PROFIT SHARING (334,723) (6) (57,260) (1)
10 RESERVE FOR TAXES AND EMPLOYEE PROFIT SHARING 44,277 1 95,065 (2)
11 INCOME (LOSS) AFTER TAXES AND EMPLOYEE PROFIT SHARI NG (290,446) (5) 37,805 1
12 LOSS FROM EQUITY OF ASSOCIATED COMPANIES (24,162) 0 (2,191) 0
13 INCOME (LOSS) FROM OPERATIONS (314,608) (5) 35,614 1
14 INCOME FROM DISCONTINUED OPERATIONS 0 0 0 0
15 NET LOSS BEFORE EXTRAORDINARY ITEMS (314,608) (5) 35,614 1
16 EXTRAORDINARY ITEMS 0 0 0 0
17 NET EFFECT OF CHANGES IN ACCOUNTING PRINCIPLES 0 0 0 0
18 INCOME (LOSS) BEFORE MINORITY INTEREST (314,608) (5) 35,614 1
19 MINORITY INTEREST (59,385) (1) (65,405) 1
20 NET LOSS (373,993) (7) (29,791) (1)
- -------------------------------------------------------------------------------------------------------------------------------
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: COPAMEX Quarter: 3 Year 2002
COPAMEX, S.A. DE C.V.
CONSOLIDATED STATEMENTS OF INCOME
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2002 AND 2001
EXPLANATION OF CERTAIN ITEMS
(Thousands of Pesos)
Final Printing
- -------------------------------------------------------------------------------------------------------------------------------
REF 2002 2001
----------------------------------------------------------
R Amount % Amount %
- -------------------------------------------------------------------------------------------------------------------------------
1 NET SALES 5,747,300 100 5,845,570 100
21 DOMESTIC 5,494,619 96 5,654,003 97
22 FOREIGN 252,681 4 191,567 3
23 NET SALES IN THOUSANDS OF DOLLARS 26,494 - 19,554 -
6 COMPREHENSIVE FINANCING COST (823,989) 100 (198,555) 100
24 INTEREST EXPENSE (402,592) 49 (464,662) 234
25 EXCHANGE LOSS (754,087) 92 (343,359) 173
26 INTEREST INCOME 40,455 (5) 31,132 (16)
27 EXCHANGE GAIN 188,418 (23) 410,598 (207)
28 MONETARY GAIN 103,817 (13) 167,736 (84)
8 LOSS FROM OTHER FINANCIAL OPERATIONS (122,069) 100 (617,961) 100
29 OTHER NET EXPENSES (122,069) 100 (617,961) 100
30 PROFIT ON (LOSS FROM) SALE OF SHARES 0 0 0 0
31 PROFIT ON (LOSS FROM) SALE OF CASH EQUIVALENTS 0 0 0 0
10 RESERVE FOR TAXES AND EMPLOYEE PROFIT SHARING 44,277 100 95,065 100
32 INCOME TAX (54,950) (124) (46,301) (49)
33 DEFERRED INCOME TAX 107,219 242 147,199 155
34 EMPLOYEE PROFIT SHARING (7,992) (18) (5,833) (6)
35 DEFERRED EMPLOYEE PROFIT SHARING 0 0 0 0
- -------------------------------------------------------------------------------------------------------------------------------
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: COPAMEX Quarter: 3 Year 2002
COPAMEX, S.A. DE C.V.
CONSOLIDATED STATEMENTS OF INCOME
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2002 AND 2001
OTHER ITEMS
(Thousands of Pesos)
Final Printing
- --------- ---------------------------------------------------------------------------------------------------------------------
REF 2002 2001
Amount Amount
R
- -------------------------------------------------------------------------------------------------------------------------------
36 TOTAL SALES (**) 7,294,865 7,374,979
37 NET INCOME FOR THE YEAR 0 0
38 NET SALES (**) 7,811,839 7,863,093
39 OPERATING INCOME (**) 808,698 918,685
40 NET LOSS BEFORE MINORITY INTEREST (**) (403,840) (158,021)
41 NET LOSS (**) (304,497) (104,459)
- -------------------------------------------------------------------------------------------------------------------------------
(**) FOR THE TWELVE MONTHS ENDED SEPTEMBER 30, 2002 AND 2001.
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: COPAMEX Quarter: 3 Year 2002
COPAMEX, S.A. DE C.V.
CONSOLIDATED STATEMENT OF CHANGES IN FINANCIAL POSITION
FOR THE NINE MONTHS ENDED SEPTEMBER, 3 OF 2002 AND 2001
(Thousands of Pesos)
Final Printing
- -------------------------------------------------------------------------------------------------------------------------------
REF 2002 2001
----------------------------------------------
R Amount Amount
- -------------------------------------------------------------------------------------------------------------------------------
1 INCOME (LOSS) BEFORE MINORITY INTEREST (314,608) 35,614
2 ITEMS NOT REQUIRING THE USE OF CASH 218,601 660,398
3 CASH FLOW FROM NET INCOME (96,007) 696,012
4 CHANGES IN WORKING CAPITAL 214,389 (887)
5 CASH PROVIDED BY OPERATING ACTIVITIES 118,382 695,125
6 CASH PROVIDED BY (USED IN) EXTERNAL FINANCING 256,450 (232,914)
7 CASH PROVIDED (USED IN) INTERNAL FINANCING (110,543) (18,056)
8 CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 145,907 (250,970)
9 CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES (408,141) (351,439)
10 INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (143,852) 92,716
11 CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD 225,828 37,835
12 CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD 81,976 130,551
- -------------------------------------------------------------------------------------------------------------------------------
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: COPAMEX Quarter: 3 Year 2002
COPAMEX, S.A. DE C.V.
CONSOLIDATED STATEMENTS OF CHANGES IN FINANCIAL POSITION
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2002 AND 2001
EXPLANATION OF CERTAIN ITEMS
(Thousands of Pesos)
Final Printing
- -------------------------------------------------------------------------------------------------------------------------------
REF 2002 2001
-----------------------------------------------
R Amount Amount
- -------------------------------------------------------------------------------------------------------------------------------
2 ITEMS NOT REQUIRING USE OF CASH 218,601 660,398
13 DEPRECIATION AND AMORTIZATION 311,841 314,431
14 NET INCREASE IN PENSIONS AND SENIORITY PREMIUMS 9,782 10,826
15 NET LOSS (PROFIT) IN CURRENCY EXCHANGE 0 0
16 RESTATEMENT OF ASSETS AND LIABILITIES 0 0
17 OTHER ITEMS (103,022) 335,141
4 CHANGES IN WORKING CAPITAL 214,389 (887)
18 INCREASE IN ACCOUNTS RECEIVABLE 93,319 151,234
19 DECREASE IN INVENTORIES (106,924) (85,757)
20 INCREASE IN OTHER RECEIVABLES 134,730 123,002
21 (INCREASE) DECREASE IN LIABILITIES TO SUPPLIERS 54,407 (33,782)
22 (INCREASE) DECREASE IN OTHER LIABILITIES 38,857 (155,584)
6 CASH PROVIDED BY (USED IN) EXTERNAL FINANCING 256,450 (232,914)
23 PROCEEDS FROM SHORT-TERM BANK AND CAPITAL MARKET FINANCING 0 379,518
24 PROCEEDS FROM LONG-TERM BANK AND CAPITAL MARKET FINANCING 2,170,684 0
25 DIVIDENDS 0 0
26 OTHER FINANCINGS 0 0
27 PAYMENT OF BANK FINANCING (1,874,246) (577,667)
28 PAYMENT OF CAPITAL MARKET FINANCING 0 (80,650)
29 PAYMENT OF OTHER FINANCING (39,988) 45,885
7 CASH PROVIDED BY (USED IN) INTERNAL FINANCING (110,543) (18,056)
30 INCREASE (DECREASE) IN PAID-IN CAPITAL 0 0
31 DIVIDENDS PAID 0 0
32 ADDITIONAL PAID-IN CAPITAL 0 0
33 CONTRIBUTIONS FOR FUTURE CAPITAL INCREASES (110,543) (18,056)
9 CASH PROVIDED BY (USED IN) IN INVESTING ACTIVITIES (408,141) (351,439)
34 PERMANENT INCREASE (DECREASE) IN STOCK PRICE 12,444 (157,270)
35 CAPITAL EXPENDITURES (373,023) (169,775)
36 INCREASE IN CONSTRUCTION IN PROGRESS 0 0
37 SALE OF OTHER PERMANENT INVESTMENTS 0 0
38 SALE OF FIXED ASSETS 0 0
39 OTHER INVESTMENTS (47,562) (24,394)
- -------------------------------------------------------------------------------------------------------------------------------
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: COPAMEX Quarter: 3 Year 2002
COPAMEX, S.A. DE C.V.
CONSOLIDATED RATIOS
As Of And For The Nine Months Ended September 30, 2002 And 2000
Final Printing
- -----------------------------------------------------------------------------------------------------------------------------------
REF 2002 2001
P
- -----------------------------------------------------------------------------------------------------------------------------------
YIELD
1 NET INCOME TO NET SALES (5.47)% 0.61%
2 NET INCOME TO STOCKHOLDERS' EQUITY (**) (11.50)% (3.96)%
3 NET INCOME TO TOTAL ASSETS (**) (2.40)% (0.81)%
4 CASH DIVIDENDS TO PREVIOUS YEAR'S NET INCOME 0.00% 0.00%
5 INCOME DUE TO MONETARY POSITION TO NET INCOME (33.00)% 470.98%
ACTIVITY
6 NET SALES TO NET ASSETS (**) 0.61x 0.61x
7 NET SALES TO FIXED ASSETS (**) 0.89x 0.89x
8 INVENTORY ROTATION (**) 4.92x 5.14x
9 ACCOUNTS RECEIVABLE IN DAYS OF SALES 58 days 67 days
10 INTEREST PAID TO TOTAL LIABILITIES WITH COST (**) 10.26% 11.88%
LEVERAGE
11 TOTAL LIABILITIES TO TOTAL ASSETS 70.85% 67.05%
12 TOTAL LIABILITIES TO STOCKHOLDERS' EQUITY 2.43x 2.03x
13 FOREIGN CURRENCY LIABILITIES TO TOTAL LIABILITIES 55.34% 70.12%
14 LONG-TERM LIABILITIES TO FIXED ASSETS 46.85x 30.99x
15 OPERATING INCOME TO INTEREST PAID 1.52x 1.63x
16 NET SALES TO TOTAL LIABILITIES (**) 0.87x 0.91x
LIQUIDITY
17 CURRENT ASSETS TO CURRENT LIABILITIES 1.05x 0.82x
18 CURRENT ASSETS LESS INVENTORIES TO CURRENT LIABILITIES 0.70x 0.57x
19 CURRENTS ASSETS TO TOTAL LIABILITIES 0.34x 0.37x
20 AVAILABLE ASSETS TO CURRENT LIABILITIES 2.83% 3.33%
CASH FLOW
21 CASH FLOW FROM NET INCOME TO NET SALES (1.67)% 11.91%
22 CASH FLOW FROM CHANGES IN WORKING CAPITAL TO NET SALES 3.73 % (0.02)%
23 CASH PROVIDED BY (USED IN) IN OPERATING ACTIVITIES TO INTEREST 0.29x 1.50x
EXPENSE
24 CASH PROVIDED BY (USED IN) EXTERNAL FINANCING TO CASH PROVIDED 175.76 % 92.81%
BY (USED) IN FINANCING ACTIVITIES
25 CASH PROVIDED BY (USED IN) INTERNAL FINANCING TO CASH PROVIDED (75.76) % 7.19%
BY FINANCING ACTIVITIES
26 ACQUISITION OF PROPERTY, PLANT AND EQUIPMENT TO CASH
PROVIDED BY (USED IN)INVESTMENT ACTIVITIES 91.40% 48.31%
- -----------------------------------------------------------------------------------------------------------------------------------
(**) FOR THE YEAR ENDED SEPTEMBER 30, 2002 AND 2001
***
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: COPAMEX Quarter: 3 Year 2002
COPAMEX, S.A. DE C.V.
CONSOLIDATED RATIOS
As Of And For The Nine Months Ended September 30, 2002 And 2000
Final Printing
- ---------------------------------------------------------------------------------------------------------------------------------
REF 2001 2002
P
- ---------------------------------------------------------------------------------------------------------------------------------
1 BASIC PROFIT PER COMMON SHARE (**) Ps. (14.16) Ps. (5.54)
2 BASIC PROFIT PER PREFERRED SHARE (**) Ps. -- Ps. --
3 DILUTED PROFIT PER COMMON SHARE (**) Ps. 0.00 Ps. 0.00
4 OPERATING PROFIT PER COMMON SHARE (**) Ps. (14.16) Ps. (5.54)
5 EFFECT OF DISCONTINUED OPERATIONS ON OPERATING PROFIT PER COMMON -- --
SHARE (**)
6 EFFECT OF EXTRAORDINARY PROFIT AND LOSS ON OPERATING PROFIT PER -- --
COMMON SHARE (**)
7 EFFECT CHANGES IN ACCOUNTING POLICIES OF OPERATING PROFIT PER -- --
COMMON SHARE (**)
8 BOOK VALUE PER SHARE Ps. 123.07 Ps. 140.06
9 ACCUMULATED DIVIDEND PER SHARE Ps. 0.00 Ps. 0.00
10 DIVIDEND PER SHARE IN SHARES 0.0 shares 0.0 shares
11 MARKET PRICE TO BOOK VALUE -- --
12 MARKET PRICE TO BASIC PROFIT PER COMMON SHARE (**) -- --
13 MARKET PRICE TO BASIC PROFIT PER PREFERRED SHARE (**) -- --
- ---------------------------------------------------------------------------------------------------------------------------------
(**) BASED ON THE PREVIOUS TWELVE MONTH PERIOD
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: COPAMEX QUARTER: 3 YEAR: 2002
COPAMEX, S.A. DE C.V.
REPORT OF THE CHIEF EXECUTIVE OFFER (1)
(Management's Discussion and Analysis of Financial Condition
and Results of Operations)
EXHIBIT 1
- --------------------------------------------------------------------------------
COPAMEX S.A. DE C.V. ANNOUNCES ITS UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR
THE FIRST NINE MONTHS OF 2002. FIGURES ARE EXPRESSED IN CONSTANT PESOS AS OF
SEPTEMBER 30, 2002.
NET SALES
NET SALES FOR THE FIRST NINE MONTHS OF 2002 DECREASED 1.7%, FROM PS.5,846
MILLION FOR THE SAME PERIOD IN THE PREVIOUS YEAR TO PS.5,747 MILLION. THIS WAS
PRINCIPALLY DUE TO A 9.2% AND 0.1% REDUCTION IN THE SALES OF PRINTING AND
WRITING PRODUCTS AND PACKAGING PRODUCTS, RESPECTIVELY. THE DECREASE IN SALES OF
PRINTING AND WRITING PRODUCTS RESULTED FROM THE FACT THAT THE INCREASE IN THE
MARKET PRICE OF THESE PRODUCTS DID NOT KEEP PACE WITH THE RATE OF INFLATION.
THESE DECREASES WERE PARTIALLY MITIGATED BY A GROWTH 1.6% IN SALES OF CONSUMER
PRODUCTS. THE VOLUME OF SALES FOR EACH PRODUCT CATEGORY INCREASED DURING THIS
PERIOD.
COST OF SALES
COST OF SALES FELL 0.3% TO PS.3,747 MILLION FOR THE FIRST NINE MONTHS OF 2002
FROM PS.3,736 MILLION FOR 2001. MOST OF THIS DECREASE WAS DUE TO THE STRENGTH OF
THE PESO RELATIVE TO THE DOLLAR DURING THE FIRST QUARTER OF 2002, THE EFFECT OF
WHICH WAS PARTIALLY REDUCED BY AN INCREASE IN RAW MATERIAL COSTS DURING THE
SECOND AND THIRD QUARTERS (RESULTING FROM INCREASED DEMAND IN THE INTERNATIONAL
MARKET AND THE WEAKENING OF THE PESO DURING SUCH QUARTERS) TOGETHER WITH THE
COSTS ASSOCIATED WITH A NEW TISSUE CONVERTING MACHINE. COST OF SALES AS A
PERCENTAGE OF NET SALES INCREASED SLIGHTLY DURING THE FIRST NINE MONTHS OF 2002
TO 65.2% FROM 63.95% FOR THE SAME PERIOD IN 2001.
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES INCREASED 2.8%, REACHING PS.1,389
MILLION FOR THE PERIOD AS COMPARED TO PS.1,351 MILLION FOR THE SAME PERIOD IN
2001. THIS INCREASE IS DUE TO (1) AN INCREASE IN ADVERTISING EXPENSES RELATED TO
THE INTRODUCTION OF OUR "DRYKIDS" BRAND OF BABY DIAPERS IN FEBRUARY 2002 AND OUR
"REGIO" BATHROOM TISSUE BRAND, (2) THE INCORPORATION OF A NEW CORRUGATED
CONTAINER PLANT AND (3) THE BUILDING AND OPERATION OF A NEW DISTRIBUTION CENTER
IN CENTRAL AMERICA. SUCH EXPENSES FELL 5.4% IN THE THIRD QUARTER AS COMPARED TO
THE PREVIOUS QUARTER AS A RESULT OF OUR EFFORTS TO REDUCE OPERATING COSTS.
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: COPAMEX QUARTER: 3 YEAR: 2002
COPAMEX, S.A. DE C.V.
REPORT OF THE CHIEF EXECUTIVE OFFER (1)
(Management's Discussion and Analysis of Financial Condition
and Results of Operations)
EXHIBIT 1
- --------------------------------------------------------------------------------
OPERATING INCOME
AS A RESULT OF THE ABOVE, OPERATING INCOME FELL 19.5% TO PS.611 MILLION FOR THE
NINE MONTHS ENDED 2002 AS COMPARED TO PS.759 MILLION FOR THE SAME PERIOD OF
2001. DURING THE 2002 PERIOD, OPERATING INCOME, AS A PERCENTAGE OF NET SALES,
FELL TO 10.6%, AS OPPOSED TO 13.1% FOR THE FIRST NINE MONTHS OF 2001. THE
DECREASE IN OUR OPERATING MARGIN RESULTED FROM REDUCED SALES REVENUE AND AN
INCREASE IN OPERATING EXPENSES. EBITDA FELL 14.4% TO PS.890 MILLION FOR THE
FIRST NINE MONTHS OF 2002 (15.5% OF NET SALES) AS COMPARED TO PS.1,039 MILLION
(17.8% OF NET SALES) FOR THE SAME PERIOD OF 2001.
COMPREHENSIVE COST OF FINANCING
COMPREHENSIVE COST OF FINANCING WAS PS.824 MILLION FOR THE 2002 PERIOD AS
COMPARED TO PS.199 MILLION FOR THE SAME PERIOD IN 2001, DUE THE REASONS
DISCUSSED BELOW.
INTEREST EXPENSE, NET
INTEREST EXPENSE, NET OF INTEREST INCOME, DECREASED PS.72 MILLION, TO PS.362
MILLION FOR THE FIRST NINE MONTHS OF 2002 FROM PS.434 MILLION DURING THE 2001
PERIOD. THIS DECREASE WAS PRIMARILY A RESULT OF A PS.62 MILLION REDUCTION IN
INDEBTEDNESS AND LOWER INTEREST RATES.
EXCHANGE GAIN (LOSS)
WE EXPERIENCED AN EXCHANGE LOSS OF PS.566 MILLION DURING THE FIRST NINE MONTHS
OF 2002 AS OPPOSED TO AN EXCHANGE GAIN OF PS.67 MILLION FOR THE SAME PERIOD IN
2001. THE LOSS WAS A RESULT OF AN 11.6% DEPRECIATION OF THE PESO RELATIVE TO THE
DOLLAR IN 2002 COMPARED TO A 1.0% APPRECIATION IN THE FIRST NINE MONTHS OF 2001.
MONETARY POSITION
GAIN FROM CHANGES IN MONETARY POSITION REACHED PS.104 MILLION DURING THE FIRST
NINE MONTHS OF 2002 AS COMPARED TO A GAIN OF PS.168 MILLION FOR THE 2001 PERIOD,
REPRESENTING A REDUCTION OF 38.1%.
OTHER EXPENSES, NET
OTHER EXPENSES, NET, FOR THE FIRST NINE MONTHS OF 2002 WERE PS.146 MILLION AS
COMPARED TO PS.53 MILLION FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2001.
EXTRAORDINARY LOSS
WE EXPERIENCED AN EXTRAORDINARY LOSS ON SEPTEMBER 30, 2001 OF PS.369 MILLION,
NET OF TAXES, DUE TO THE CLOSING OF OUR PONDERCEL PULP MILL.
NET LOSS
WE EXPERIENCED A NET OF PS.374 MILLION FOR THE FIRST NINE MONTHS OF 2002 AS
COMPARED TO A PS.30 MILLION NET LOSS FOR THE SAME PERIOD IN 2001. OUR RESULTS
FOR 2002 CAN BE MOSTLY ATTRIBUTED TO THE FALL IN THE VALUE OF THE PESO RELATIVE
TO THE DOLLAR.
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: COPAMEX QUARTER: 3 YEAR: 2002
COPAMEX, S.A. DE C.V.
NOTES TO THE FINANCIAL STATEMENTS
EXHIBIT 2
- --------------------------------------------------------------------------------
PRINCIPAL ACCOUNTING POLICIES:
THE COMPANY'S PRINCIPAL ACCOUNTING POLICIES ARE IN ACCORDANCE WITH GENERALLY
ACCEPTED ACCOUNTING PRINCIPLES IN MEXICO. THE POLICIES ARE AS FOLLOWS:
A) RECOGNITION OF THE EFFECTS OF INFLATION.
THE RECOGNITION OF CERTAIN EFFECTS OF INFLATION IS PROVIDED FOR BY BULLETIN B-10
PROMULGATED BY THE MEXICAN INSTITUTE OF PUBLIC ACCOUNTANTS. AS A RESULT, THE
FIGURES EXPRESSED IN THE FINANCIAL STATEMENTS AND THE NOTES THERETO ARE IN
THOUSANDS OF PESOS WITH PURCHASING POWER AS OF THE LAST DAY OF THE PERIOD
COVERED BY THE FINANCIAL STATEMENTS.
B) DEFICIT FROM RESTATEMENT OF CAPITAL STOCK.
THIS REPRESENTS THE DIFFERENCE ATTRIBUTABLE TO INFLATION BETWEEN THE VALUE OF
CAPITAL STOCK ON THE DATE THAT SUCH INVESTMENTS WERE MADE AND THE DATE OF THE
FINANCIAL STATEMENTS. THE AMOUNT OF THE ORIGINAL INVESTMENT IS RESTATED BASED ON
THE MEXICAN NATIONAL CONSUMER PRICE INDEX (NCPI).
C) DEFICIT FROM RESTATEMENT OF SHAREHOLDER'S EQUITY
THIS IS THE RESULT ATTRIBUTABLE TO INFLATION FROM HOLDING NON-MONETARY ASSETS.
THIS FIGURE REPRESENTS THE NET DIFFERENCE BETWEEN RESTATEMENT BY THE
SPECIFIC-COST METHOD, AS COMPARED TO RESTATEMENT BASED ON THE NCPI.
D) COMPREHENSIVE FINANCING COST
THIS CONSISTS OF INTEREST INCOME (EXPENSE), EXCHANGE GAIN (LOSS) AND MONETARY
GAIN (LOSS).
E) MONETARY GAIN (LOSS)
THE IS THE RESULT OF HOLDING MONETARY ASSETS AND LIABILITIES, WITH CONSTANT FACE
VALUES DURING INFLATIONARY PERIODS, THE RESULT OF WHICH, IS, IN REAL TERMS, TO
DIMINISH THE VALUE OF SUCH ASSETS AND REDUCE THE AMOUNT OF SUCH LIABILITIES.
MONETARY GAIN (LOSS) IS CALCULATED FROM THE NET MONTHLY MONETARY POSITION AND
RESTATED BASED ON THE NCPI.
F) INVENTORIES AND COSTS OF SALES
INVENTORIES ARE VALUED AT THEIR REPLACEMENT COST, WHICH MAY NOT EXCEED THEIR
REALIZATION VALUE USING THE DIRECT COST METHOD OF ACCOUNTING. COST OF SALES ARE
DETERMINED USING THE LAST-IN FIRST-OUT METHOD.
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: COPAMEX QUARTER: 3 YEAR: 2002
COPAMEX, S.A. DE C.V.
NOTES TO THE FINANCIAL STATEMENTS
EXHIBIT 2
- --------------------------------------------------------------------------------
G) PROPERTY, PLANT AND EQUIPMENT
ACCORDING TO THE FIFTH AMENDMENT TO BULLETIN B-10 (REVISED), PROPERTY, PLANT AND
EQUIPMENT ARE INITIALLY VALUED AT THEIR ACQUISITION COST (OR THEIR APPRAISED
COST ON DECEMBER 31, 1996, WHICHEVER IS LATER) AND RESTATED BASED ON THE NCPI.
DEPRECIATION IS CALCULATED USING THE STRAIGHT-LINE METHOD, WHERE A DEPRECIATION
FACTOR IS CALCULATED BASED ON THE ESTIMATED USEFUL LIFE OF THE ASSET AND THEN
APPLIED AGAINST THE RESTATED VALUE OF THE ASSET.
H) INVESTMENTS IN ASSOCIATED COMPANIES
INVESTMENTS IN ASSOCIATED COMPANIES ARE THOSE IN NON-CONSOLIDATED SUBSIDIARIES
IN WHICH WE OWN MORE THAN 10% OF ITS VOTING SHARES. THESE INVESTMENTS ARE VALUED
USING THE EQUITY METHOD, WHEREBY WE RECOGNIZE OUR EQUITY INTEREST IN THE RESULTS
OF OPERATIONS OF THE ASSOCIATED COMPANIES IN THE YEAR CORRESPONDING TO THE
FINANCIAL STATEMENTS.
I) RECOGNITION OF INCOME
INCOME IS RECOGNIZED WHEN MERCHANDISE IS DELIVERED TO THE CLIENT AND THE
CORRESPONDING INVOICE IS ISSUED.
J) DEFERRED TAXES
ACCORDING TO BULLETIN D-4 "ACCOUNTING TREATMENT FOR INCOME TAX, ASSET TAX AND
EMPLOYEE PROFIT SHARING," WE RECOGNIZE DEFERRED TAXES FOR ALL TEMPORARY
DIFFERENCES IN BALANCE SHEET ACCOUNTS FOR FINANCIAL AND TAX REPORTING PURPOSES,
APPLYING THE INCOME TAX RATE IN EFFECT ON THE DATE OF THE FINANCIAL STATEMENTS.
IN ACCORDANCE WITH BULLETIN D-4, THE CUMULATIVE EFFECT OF DEFERRED TAXES AT THE
BEGINNING OF 2000 WAS APPLIED TO SHAREHOLDERS' EQUITY.
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: COPAMEX QUARTER: 3 YEAR: 2002
COPAMEX, S.A. DE C.V.
INVESTMENTS IN RELATED PARTIES
EXHIBIT 3
CONSOLIDATED
Final Printing
- ---------------------------------------------------------------------------------------------------------------------------------
COMPANY NAME (1) MAIN ACTIVITY(IES) NUMBER OF OWNERSHIP (Thousands of Pesos)
SHARES INTEREST
(%) ----------------- -----------------
(2) ACQUISITION PRESENT VALUE(3)
COST
- ---------------------------------------------------------------------------------------------------------------------------------
ASSOCIATED COMPANIES
1 COPAMEX HIGIENE INFANTIL PRODUCTION OF BABY 2,072,150 45.00 85,697 59,429
DIAPERS
- ---------------------------------------------------------------------------------------------------------------------------------
0 0.00 0 0
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN ASSOCIATED COMPANIES 85,697 59,429
- ---------------------------------------------------------------------------------------------------------------------------------
OTHER INVESTMENTS 0
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL 59,429
- ---------------------------------------------------------------------------------------------------------------------------------
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: COPAMEX QUARTER: 3 YEAR: 2002
COPAMEX, S.A. DE C.V.
PROPERTY, PLANT AND EQUIPMENT
(Thousands of Pesos)
EXHIBIT 4
CONSOLIDATED
Final Printing
- ---------------------------------------------------------------------------------------------------------------------------------
ACQUISITION ACCUMULATED CARRYING REVALUATION DEPRECIATION CARRYING VALUE
COST DEPRECIATION VALUE OF (-) REVALUATION
REVALUATION (-) DEPRECIATION
- ---------------------------------------------------------------------------------------------------------------------------------
DEPRECIABLE ASSETS
- -------------------------
PROPERTY 511,495 201,433 310,062 1,236,860 493,164 1,053,758
- -------------------------
MACHINERY 2,985,960 1,452,407 1,533,553 10,253,508 5,149,445 6,637,616
- -------------------------
TRANSPORTATION EQUIPMENT 71,733 45,801 25,932 98,040 63,250 60,722
- -------------------------
OFFICE EQUIPMENT 75,059 67,071 7,988 73,165 67,072 14,081
- -------------------------
COMPUTER EQUIPMENT 72,087 11,926 60,161 54,228 8,998 105,391
- -------------------------
OTHER 0 0 0 0 0 0
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL DEPRECIABLE ASSETS 3,716,334 1,778 1,937,696 11,715,801 5,781,929 7,871,568
- ---------------------------------------------------------------------------------------------------------------------------------
NON- DEPRECIABLE ASSETS
- -------------------------
REAL ESTATE 101,392 0 101,392 421,512 0 0
- -------------------------
CONSTRUCTION IN PROGRESS 400,556 0 400,556 48 0 400,604
- -------------------------
OTHER 0 0 0 0 0 0
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL NON- DEPRECIABLE ASSETS 501,948 0 501,948 421,560 0 923,508
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL 4,218,282 1,778,638 2,439,644 12,137,361 5,781,929 8,795,076
- ---------------------------------------------------------------------------------------------------------------------------------
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: COPAMEX QUARTER: 3 YEAR: 2002
COPAMEX, S.A. DE C.V.
PROPERTY, PLANT AND EQUIPMENT
(Thousands of Pesos)
EXHIBIT 4
CONSOLIDATED
Final Printing
NOTES
STOCK EXCHANGE CODE: COPAMEX MEXICAN STOCK EXCHANGE
COPAMEX, S.A. DE C.V. EXHIBIT 05 QUARTER: 3 YEAR: 2002
BREAKDOWN OF INDEBTEDNESS
(THOUSANDS OF PESOS)
- -----------------------------------------------------------------------------------------------------------------------------
Institution
Type/ Amortization Rate of Denominated in Amortization of Foreign Currency Indebtedness With
Date Interest Pesos National Entities (Thousands of $)
- -----------------------------------------------------------------------------------------------------------------------------
Time Interval
- -----------------------------------------------------------------------------------------------------------------------------
Until 1 More Current Until 1 Until 2 Until Until 4 Until 5
Year Than 1 Year Year Years 3 Years Years Years
Year
- -----------------------------------------------------------------------------------------------------------------------------
BANKS
- -----------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------
FOREIGN TRADE
- -----------------------------------------------------------------------------------------------------------------------------
BANCOMEXT 14/10/2004 3.90 0 0 0 0 0 70,586 0 0
BANCOMEXT 14/10/2004 3.60 0 0 0 0 0 150,891 0 0
BANCOMEXT 14/10/2004 3.80 0 0 0 0 0 23,017 0 0
- -----------------------------------------------------------------------------------------------------------------------------
UNSECURED DEBT
- -----------------------------------------------------------------------------------------------------------------------------
BANAMEX 04/10/2002 5.84 0 0 296,667 0 0 0 0 0
BANAMEX 12/11/2002 5.75 0 0 3,018 0 0 0 0 0
BANCOMER 04/12/2002 4.94 0 0 145,776 0 0 0 0 0
CITIBANK 22/03/2004 5.82 0 0 0 0 0 0 0 0
CITIBANK 02/04/2006 5.86 0 0 0 0 0 0 0 0
RABO BANK 26/12/2002 4.10 0 0 0 0 0 0 0 0
EURO.COMM.P. 13/11/2002 8.48 0 0 0 0 0 0 0 0
EURO.COMM.P. 17/01/2003 8.26 0 0 0 0 0 0 0
EURO.COMM.P. 19/02/2003 8.47 0 0 0 0 0 0 0 0
EURO.COMM.P. 22/05/2003 7.41 0 0 0 0 0 0 0 0
BANORTE 11/08/2006 6.21 0 0 0 0 0 0 61,379 0
- -----------------------------------------------------------------------------------------------------------------------------
WITH WARRANTY
- -----------------------------------------------------------------------------------------------------------------------------
BANAMEX 15/04/2003 4.15 0 0 5,939 5,939 0 0 0 0
IBC 20/03/2006 5.75 0 0 0 0 0 0 0 0
BANCO DEL CAFE 20/04/2005 15.15 0 0 0 0 0 0 0 0
WELLS FARGO 02/07/2007 5.79 0 0 0 0 0 0 0 0
- -----------------------------------------------------------------------------------------------------------------------------
OTHER FINANCIAL ENTITIES
- -----------------------------------------------------------------------------------------------------------------------------
EXPORT DEVELOPMENT CORP 15/01/2005 7.36 0 0 0 0 0 0 0 0
- -----------------------------------------------------------------------------------------------------------------------------
TOTAL 0 0 451,400 5,939 0 244,494 61,379 0
- -----------------------------------------------------------------------------------------------------------------------------
Final Printing
CONSOLIDATED
- -------------------------------------------------------------------------------------
Institution Amortization Foreign Currency Indebtedness With Foreign
Type/ Entities (Thousands of $)
- -------------------------------------------------------------------------------------
Time Interval
- -------------------------------------------------------------------------------------
Current Until Until 2 Until 3 Until Until 5
Year 1 Year Years Years 4 Years Years
- -------------------------------------------------------------------------------------
BANKS
- -------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------
FOREIGN TRADE
- -------------------------------------------------------------------------------------
BANCOMEXT 0 0 0 0 0 0
BANCOMEXT 0 0 0 0 0 0
BANCOMEXT 0 0 0 0 0 0
- -------------------------------------------------------------------------------------
UNSECURED DEBT
- -------------------------------------------------------------------------------------
BANAMEX 0 0 0 0 0 0
BANAMEX 0 0 0 0 0 0
BANCOMER 0 0 0 0 0 0
CITIBANK 102,299 306,897 204,598 0 0 0
CITIBANK 0 0 267,837 267,837 200,879 0
RABO BANK 71,609 0 0 0 0 0
EURO.COMM.P. 20,460 0 0 0 0 0
EURO.COMM.P. 0 102,299 0 0 0 0
EURO.COMM.P. 0 5,115 0 0 0 0
EURO.COMM.P. 0 76,724 0 0 0 0
BANORTE 0 0 0 0 0 0
- -------------------------------------------------------------------------------------
WITH WARRANTY
- -------------------------------------------------------------------------------------
BANAMEX 0 0 0 0 0 0
IBC 399 1,197 1,596 1,596 2,032 0
BANCO DEL CAFE 384 384 766 766 0 0
WELLS FARGO 2,353 7,059 9,412 9,412 9,412 9,412
- -------------------------------------------------------------------------------------
OTHER FINANCIAL ENTITIES
- -------------------------------------------------------------------------------------
EXPORT DEVELOPMENT CORP 0 3,865 3,865 1,935 0 0
- -------------------------------------------------------------------------------------
TOTAL 197,504 503,540 488,074 281,546 212,323 9,412
- -------------------------------------------------------------------------------------
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: COPAMEX QUARTER: 3 YEAR: 2002
COPAMEX, S.A. DE C.V.
TRADE BALANCE AND FOREIGN EXCHANGE POSITION
EXHIBIT 6 CONSOLIDATED
Final Printing
- -----------------------------------------------------------------------------------------------------------------------------
DOLLARS(1) OTHER CURRENCIES
TOTAL
TRADE BALANCE
- -----------------------------------------------------------------------------------------------------------------------------
THOUSANDS THOUSANDS THOUSANDS THOUSANDS THOUSANDS
OF DOLLARS OF PESOS OF DOLLARS OF PESOS OF PESOS
- -----------------------------------------------------------------------------------------------------------------------------
1. INCOME
- --------------------------------------
EXPORTS 26,494 252,681 0 0 252,681
OTHER 0 0 0 0 0
TOTAL 26,494 252,681 252,681
- -----------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------
2. EXPENDITURE
- --------------------------------------
IMPORTS (RAW MATERIALS) 128,557 1,227,600 0 0 1,227,600
INVESTMENTS 14,203 132,578 0 0 132,578
OTHER 6,863 66,173 0 0 66,173
TOTAL 149,623 1,426,351 0 0 1,426,351
- -----------------------------------------------------------------------------------------------------------------------------
NET BALANCE (123,129) (1,173,670) (1,173,670)
- -----------------------------------------------------------------------------------------------------------------------------
FOREIGN EXCHANGE POSITION
- --------------------------------------
TOTAL ASSETS 7,344 75,129 0 0 75,129
LIABILITY POSITION 486,978 4,981,731 4,981,731
SHORT-TERM LIABILITY POSITION 181,900 1,860,819 0 0 1,860,819
LONG-TERM LIABILITY POSITION 305,078 3,120,912 0 0 3,120,912
- -----------------------------------------------------------------------------------------------------------------------------
NET BALANCE (479,634) (4,906,602) (4,906,602)
- -----------------------------------------------------------------------------------------------------------------------------
NOTES
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: COPAMEX QUARTER: 3 YEAR: 2002
COPAMEX, S.A. DE C.V.
ASSETS AND LIABILITIES BY MONETARY POSITION
(Thousands of Pesos)
EXHIBIT 7 CONSOLIDATED
Final Printing
- -----------------------------------------------------------------------------------------------------------------------------
MONETARY ASSET (LIABILITIES) MONTHLY MONTHLY PROFIT
MONTH MONETARY ASSETS LIABILITIES MONETARY POSITION INFLATION (LOSS)
- -----------------------------------------------------------------------------------------------------------------------------
JANUARY 3,705,914 6,467,959 2,762,045 0.09 26,144
FEBRUARY 3,758,722 6,376,253 2,617,531 0.00 (1,617)
MARCH 3,884,874 6,492,623 2,607,749 0.03 8,013
APRIL 3,660,606 6,283,611 2,623,005 0.04 10,956
MAY 3,809,661 6,724,064 2,914,403 0.02 7,407
JUNE 3,728,727 6,895,998 3,167,271 0.04 15,702
JULY 3,559,716 6,844,224 3,284,508 0.02 9,278
AUGUST 3,699,539 6,852,452 3,152,913 0.03 12,041
SEPTEMBER 3,959,820 7,138,431 3,178,611 0.05 15,893
ACTUALIZATION: 0 0 0 0.00 0
CAPITALIZATION: 0 0 0 0.00 0
FOREIGN CORP.: 0 0 0 0.00 0
OTHER 0 0 0 0.00 0
- -----------------------------------------------------------------------------------------------------------------------------
TOTAL 103,817
- -----------------------------------------------------------------------------------------------------------------------------
NOTES
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: COPAMEX QUARTER: 3 YEAR: 2002
COPAMEX, S.A. DE C.V.
BONDS AND EXCHANGE CERTIFICATES LISTED ON THE STOCK MARKET (1)
EXHIBIT 8 CONSOLIDATED
Final Printing
- -------------------------------------------------------------------------------
KEY RESTRICTIVE COVENANTS
- -------------------------------------------------------------------------------
11.375% SENIOR NOTES DUE 2004
IF THE RATIO OF EBITDA TO INTEREST EXPENSE, CAPITALIZED INTEREST AND CASH
DIVIDENDS FALLS BELOW 2.5, CERTAIN FINANCIAL OR CORPORATE ACTIVITIES WILL
BE RESTRICTED.
- -------------------------------------------------------------------------------
COMPLIANCE WITH KEY RESTRICTIVE COVENANTS
- -------------------------------------------------------------------------------
IN COMPLIANCE
- -------------------------------------------------------------------------------
BONDS AND/OR EXCHANGE CERTIFICATES
- -------------------------------------------------------------------------------
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: COPAMEX QUARTER: 3 YEAR: 2002
COPAMEX, S.A. DE C.V.
PLANTS, COMMERCIAL CENTERS OR DISTRIBUTION CENTERS
EXHIBIT 9 CONSOLIDATED
Final Printing
- ---------------------------------------------------------------------------------------------------------------------------
PLANT
OR ECONOMIC PLANT CAPACITY UTILIZATION
CENTER ACTIVITY (1) (%)
- ---------------------------------------------------------------------------------------------------------------------------
PAPELES HIGIENICOS DEL CENTRO PRODUCTION OF TISSUE PAPER 67,000 94
- ---------------------------------------------------------------------------------------------------------------------------
PAPELES HIGIENICOS DE MEXICO PRODUCTION OF TISSUE PAPER 36,000 96
- ---------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL PAPELERA MEXICANA PRODUCTION OF PAPER 80,000 94
- ---------------------------------------------------------------------------------------------------------------------------
SANCELA PRODUCTION OF FEMININE HYGIENE PRODUCTS 1,460,000 84
- ---------------------------------------------------------------------------------------------------------------------------
PAPELERA DE CHIHUAHUA PRODUCTION OF PAPER 131,000 88
- ---------------------------------------------------------------------------------------------------------------------------
CIA PAPELERA MALDONADO PRODUCTION OF PAPER 188,000 85
- ---------------------------------------------------------------------------------------------------------------------------
SACOS Y ENVASES INDUSTRIALES PRODUCTION OF PAPER BAGS 522,000 90
- ---------------------------------------------------------------------------------------------------------------------------
PONDERCEL PRODUCTION OF PAPER 148,000 79
- ---------------------------------------------------------------------------------------------------------------------------
COPAMEX CORRUGADOS PRODUCTION OF CORRUGATED PAPER 62,000 89
- ---------------------------------------------------------------------------------------------------------------------------
NOTES
INSTALLED CAPACITY EXPRESSED IN TONS, EXCEPT SANCELA AND SACOS Y ENVASES
INDUSTRIALES, WHICH ARE EXPRESSED IN THOUSANDS.
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: COPAMEX QUARTER: 3 YEAR: 2002
COPAMEX, S.A. DE C.V.
PRINCIPAL RAW MATERIALS
EXHIBIT 10
CONSOLIDATED
Final Printing
- ----------------------------------------------------------------------------------------------------------------------------
COST
MAIN MAIN DOM. PRODUCTION
DOMESTIC SUPPLIERS FOREIGN SUPPLIERS SUBST. (%)
- ----------------------------------------------------------------------------------------------------------------------------
ELECTRICITY VIRGIN PULP
WATER DEINKED PULP
GAS SECONDARY FIBER
DEINKED PULP CHEMICALS
SECONDARY FIBER
CHEMICALS
- ----------------------------------------------------------------------------------------------------------------------------
NOTES
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: COPAMEX QUARTER: 3 YEAR: 2002
COPAMEX, S.A. DE C.V.
SALES DATA BY PRODUCT
EXHIBIT 11
DOMESTIC SALES CONSOLIDATED
Final Printing
- -------------------------------------------------------------------------------------------------------------
TOTAL PRODUCTION NET SALES MARKET MAIN
MAIN SHARE
PRODUCTS (%)
VOLUME AMOUNT VOLUME AMOUNT TRADEMARKS CUSTOMERS
- -------------------------------------------------------------------------------------------------------------
CONSUMER PRODUCTS 2,602,119
PACKAGING PRODUCTS 1,526,138
PRINTING AND WRITING 1,366,362
PRODUCTS
- -------------------------------------------------------------------------------------------------------------
TOTAL 5,494,619
- -------------------------------------------------------------------------------------------------------------
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: COPAMEX QUARTER: 3 YEAR: 2002
COPAMEX, S.A. DE C.V.
SALES DATA BY PRODUCT
EXHIBIT 11
FOREIGN SALES CONSOLIDATED
Final Printing
- -------------------------------------------------------------------------------------------------------------
TOTAL PRODUCTION NET SALES MAIN
MAIN DESTINATION
PRODUCTS
VOLUME AMOUNT VOLUME AMOUNT TRADEMARKS CUSTOMERS
- -------------------------------------------------------------------------------------------------------------
CONSUMER PRODUCTS 160,743
PACKAGING PRODUCTS 73,488
PRINTING AND WRITING 18,450
PRODUCTS
- -------------------------------------------------------------------------------------------------------------
TOTAL 252,681
- -------------------------------------------------------------------------------------------------------------
NOTES
STOCK EXCHANGE CODE: COPAMEX QUARTER: 3 YEAR: 2002
COPAMEX, S.A. DE C.V.
EXHIBIT 12
NET FISCAL EARNINGS ACCOUNT (NFEA)
(Thousands of Pesos)
- -----------------------------------------------------------------------------------------------------------------------------
NFEA BALANCE FOR PREVIOUS PERIOD
- -----------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------ ----------------------------------------------------
NFEA BALANCE TO DECEMBER 31st OF: 2001 1,604,219
Number of shares Outstanding at the Date of the NFEA: 28,472,926
[ ] ARE THE FIGURES AUDITED? [ ] ARE THE FIGURES CONSOLIDATED?
- ------------------------------------------------------------------------ ----------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------
DIVIDENDS COLLECTED THIS PERIOD
- -----------------------------------------------------------------------------------------------------------------------------
QUARTER SERIES NUMBER OF SHARES OUTSTANDING DATE OF SETTLEMENT AMOUNT
- -----------------------------------------------------------------------------------------------------------------------------
0 0 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------
DETERMINATION OF THE NFEA FOR THE PRESENT YEAR
- -----------------------------------------------------------------------------------------------------------------------------
NFE FOR THE PERIOD FROM JANUARY 1 TO SEPTEMBER 30, 2002
EARNINGS 0
- DETERMINED INCOME TAX 0
+ DEDUCTED EMPLOYEE PROFIT SHARE 0
- DETERMINED EMPLOYEE PROFIT SHARE 0
- DETERMINED RFE 0
- NON DEDUCTIBLES 0
NFE: 0
- ------------------------------------------------------------------------ ----------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------
DETERMINATION OF THE NFEA AT THE END OF THE PERIOD (Present Year Information)
- ------------------------------------------------------------------------ ----------------------------------------------------
NFE BALANCE TO 30 SEPTEMBER OF 2002 1,669,159
Number of shares Outstanding at the Date of the NFEA: 28,522,751
- ------------------------------------------------------------------------ ----------------------------------------------------
STOCK EXCHANGE CODE: COPAMEX QUARTER: 1 YEAR: 2000
COPAMEX, S.A. DE C.V.
EXHIBIT 12
NET FISCAL EARNINGS ACCOUNT (NFEA)
(Thousands of Pesos)
- -----------------------------------------------------------------------------------------------------------------------------
ADJUSTMENTS BY COMPLEMENTARY
- -----------------------------------------------------------------------------------------------------------------------------
NFE BALANCE TO 30 DECEMBER 31st OF: 2001 0
Number of shares outstanding at the date of the NFEA: 28,472,926
(Units)
- -----------------------------------------------------------------------------------------------------------------------------
STOCK EXCHANGE CODE: COPAMEX QUARTER: 4 YEAR: 2001
COPAMEX, S.A. DE C.V.
EXHIBIT 12
NET FISCAL EARNINGS ACCOUNT (NFEA)
(Thousands of Pesos)
EXHIBIT 12-A
THE NET FISCAL EARNINGS ACCOUNT REINVERTED (NFEAR)
(Thousands of Pesos)
- -----------------------------------------------------------------------------------------------------------------------------
NFEAR BALANCE FOR PREVIOUS PERIOD
NFEAR BALANCE TO DECEMBER 31st OF: 2001 0
Number of Shares Outstanding at the Date of the NFEA: 28,472,926
[ ] ARE FIGURES AUDITED? [ ] ARE FIGURES CONSOLIDATED?
- -----------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------
DIVIDENDS PAID IN THE PERIOD FROM NFEAR
- -----------------------------------------------------------------------------------------------------------------------------
QUARTER SERIES NUMBER OF SHARES DATE OF SETTLEMENT AMOUNT
OUTSTANDING
- -----------------------------------------------------------------------------------------------------------------------------
0 0 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------
DETERMINATION OF THE NFEA FOR THE PRESENT YEAR
- -----------------------------------------------------------------------------------------------------------------------------
NFE FROM JANUARY 1, 2002 TO SEPTEMBER 30, 2002
FISCAL EARNINGS 0
- DEDUCTED EMPLOYEE PROFIT SHARING 0
- AMOUNT OF EMPLOYEE PROFIT SHARING 0
- NON-DEDUCTIBLES 0
EARNINGS (LOSSES) FROM FOREIGN OPERATIONS: 0
DETERMINED RFE FOR THE FISCAL YEAR 0
- INCOME TAX: 0
* NFEAR FACTOR: 0
NFEA 0
- -----------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------
NFEAR BALANCE AT THE END OF THE PERIOD
- -----------------------------------------------------------------------------------------------------------------------------
NFEAR FROM THE PERIOD TO SEPTEMBER 30 2002 0
Number of shares outstanding at the date of the NFEA: 28,472,926
ADJUSTMENTS BY COMPLEMENTARY
- -----------------------------------------------------------------------------------------------------------------------------
NFEAR TO DECEMBER 31, 2001 0
Number of shares outstanding at the date of the NFEAR: 28,472,926
- -----------------------------------------------------------------------------------------------------------------------------
CONSOLIDATED
Final Printing
PAID IN CAPITAL STOCK
SHARE CHARACTERISTICS
- ----------------------------------------------------------------------------------------------------------------------------
SERIES NOMINAL VALUE VALID NUMBER OF SHARES CAPITAL STOCK
COUPON (Thousands of Pesos)
-------------------------------------------------------------------------------------
PORTION PORTION MEXICAN SUBSCRIPTION FIXED VARIABLE
- ----------------------------------------------------------------------------------------------------------------------------
I-A 100.00000 6 6,000 6,000 600
- ----------------------------------------------------------------------------------------------------------------------------
I-B 100.00000 6 385,248 385,248 38,525
- ----------------------------------------------------------------------------------------------------------------------------
I-D 100.00000 6 625,341 625,341 62,534
- ----------------------------------------------------------------------------------------------------------------------------
I-E 100.00000 6 5209,376 5,209,376 520,938
- ----------------------------------------------------------------------------------------------------------------------------
I-F 100.00000 6 3,354,051 3,354,051 335,405
- ----------------------------------------------------------------------------------------------------------------------------
I-G 100.00000 6 65,457 65,457 6,546
- ----------------------------------------------------------------------------------------------------------------------------
I-H 100.00000 6 49,825 49,825 4,982
- ----------------------------------------------------------------------------------------------------------------------------
II-C 100.00000 6 133,152 133,152 13,315
- ----------------------------------------------------------------------------------------------------------------------------
II-E 100.00000 6 14,113,234 14,113,234 1,411,323
- ----------------------------------------------------------------------------------------------------------------------------
II-F 100.00000 6 4,581,067 4,581,067 458,107
- ----------------------------------------------------------------------------------------------------------------------------
TOTAL 6,000 28,516,751 28,522,751 0 600 2,851,675
- ----------------------------------------------------------------------------------------------------------------------------
TOTAL NUMBER OF SHARES REPRESENTING THE PAID-IN CAPITAL STOCK ON THE DATE OF
THIS REPORT:
28,522,751
SHARES REPRESENTED BY:
CPO'S:
UNITS:
ADRS's:
GDRS's:
ADS's:
GDS"s:
SHARE REPURCHASES
- ----------------------------------------------------------------------------------------------------------------------------
MARKET VALUE OF THE SHARE
SERIES NUMBER OF SHARES AT REPURCHASE AT QUARTER
- ----------------------------------------------------------------------------------------------------------------------------
DECLARATION FROM THE COMPANY OFFICIALS RESPONSIBLE FOR THE INFORMATION.
I HEREBY SWEAR THAT THE FINANCIAL INFORMATION HEREIN SUPPLIED TO THIS STOCK,
MARKET CORRESPONDING TO THE PERIOD FROM JANUARY 1 TO SEPTEMBER 30, 2002 AND 2001
WAS OBTAINED FROM OUR AUTHORIZED ACCOUNTING REGISTERS AND IS A RESULT OF THE
APPLICATION OF THE ACCOUNTING PRINCIPLES AND NORMS ACCEPTED AND STATED BY
MEXICAN INSTITUTE OF PUBLIC ACCOUNTANTS AND IN THE PROVISIONS OF THE MEXICAN
NATIONAL BANKING AND SECURITIES COMMISSION (COMISION NACIONAL BANCARIA Y DE
VALORES)
THE ACCOUNTING PRINCIPLES USED BY THIS COMPANY AND THE PROCESSING OF DATA FOR
THE PERIOD WHICH THE SAID INFORMATION REFERS TO WERE CONSISTENTLY APPLIED FOR
THE SAME PERIOD OF THE PREVIOUS YEAR.
C.P. RODOLFO GUTIERREZ PENA LIC. FRANCISCO JAVIER ELOSUA GARZA
CONTRALOR CORPORATIVO GERENTE DE RELACIONES CON
INVERSIONISTAS
SAN PEDRO GARZA GARCIA, NL, OCTOBER 30, 2002
GENERAL INFORMATION ABOUT THE ISSUER
================================================================================
NAME: COPAMEX, S.A. DE C.V.
ADDRESS: MONTES APALACHES NO. 101
RESIDENCIAL SAN AGUSTIN
66260
SAN PEDRO GARZA GARCIA, NL
TELEPHONE: 01 (81) 8152-60-00
FAX: 01 (81) 8152-61-79
E-MAIL: rogutierrez@copamex.com
INTERNET ADDRESS: www.copamex.com
FISCAL INFORMATION ABOUT THE ISSUER
RFC NUMBER: COP831123MFA
ADDRESS: MONTES APALACHES NO. 101
RESIDENCIAL SAN AGUSTIN
66260
SAN PEDRO GARZA GARCIA, NL
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ACCOUNTS PAYABLE DEPARTMENT
NAME: C.P. JESUS GONZALEZ JUAREZ
ADDRESS: MONTES APALACHES NO. 101
RESIDENCIAL SAN AGUSTIN
66260
SAN PEDRO GARZA GARCIA, NL
TELEPHONE: 01 (81) 8152-61-30
FAX: 01 (81) 8152-61-39
STAFF INFORMATION
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POSITION: CHAIRMAN OF THE BOARD OF DIRECTORS
EXECUTIVE PRESIDENT
NAME: LIC. JUAN BOSCO MALDONADO QUIROGA
ADDRESS: MONTES APALACHES NO. 101
RESIDENCIAL SAN AGUSTIN
66260
SAN PEDRO GARZA GARCIA, NL
TELEPHONE: 01 (81) 8152-60-00
FAX: 01 (81) 8152-60-09
E-MAIL: jumaldonado@copamex.com
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POSITION: CHIEF EXECUTIVE OFFICER
NAME: ING. ALEJANDRO MARTIN FERRIGNO MALDONADO
ADDRESS: MONTES APALACHES NO. 101
RESIDENCIAL SAN AGUSTIN
66260
SAN PEDRO GARZA GARCIA, NL
01 (81) 8152-60-00
FAX: 01 (81) 8152-60-09
E-MAIL: alferrigno@copamex.com
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POSITION: CHIEF CORPORATE OFFICER
C.P. SERGIO FRANCISCO DE LA GARZA Y DE
SILVA
NAME: MONTES APALACHES NO. 101
ADDRESS: RESIDENCIAL SAN AGUSTIN
66260
SAN PEDRO GARZA GARCIA, NL
TELEPHONE: 01 (81) 8152-60-10
FAX: 01 (81) 8152-61-29
E-MAIL: sedelagarza@copamex.com
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POSITION: CORPORATE COMPTROLLER
NAME: C.P. RODOLFO GUTIERREZ PENA
ADDRESS: MONTES APALACHES NO. 101
RESIDENCIAL SAN AGUSTIN
66260
SAN PEDRO GARZA GARCIA, NL
TELEPHONE: 01 (81) 8152-61-70
FAX: 01 (81) 8152-61-79
E-MAIL: rogutierrez@copamex.com
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POSITION: FINANCIAL INFORMATION MANAGER
NAME: C.P. ALEJANDRO ESTRADA CUELLAR
ADDRESS: MONTES APALACHES NO. 101
RESIDENCIAL SAN AGUSTIN
66260
SAN PEDRO GARZA GARCIA, NL
TELEPHONE: 01 (81) 8152-61-72
FAX: 01 (81)8152-61-79
E-MAIL: alestrada@copamex.com
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POSITION: GENERAL COUNSEL
NAME: LIC. CARLOS LUIS DIAZ SAENZ
ADDRESS: MONTES APALACHES NO. 101
RESIDENCIAL SAN AGUSTIN
66260
SAN PEDRO GARZA GARCIA, NL
TELEPHONE: 01 (81) 8152-61-50
FAX: 01 (81) 8152-61-59
E-MAIL: cldiaz@copamex.com
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POSITION: INVESTOR RELATIONS MANAGER
NAME: LIC. FRANCISCO JAVIER ELOSUA GARZA
ADDRESS: MONTES APALACHES NO. 101
RESIDENCIAL SAN AGUSTIN
66260
SAN PEDRO GARZA GARCIA, NL
TELEPHONE: 01 (81) 8152-61-25
FAX: 01 (81)8152-61-29
E-MAIL: frelosua@copamex.com
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Copamex, S.A. de C.V.
(Registrant)
Date: September 30, 2002
By: /s/ Carlos Luis Diaz Saenz
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Carlos Luis Diaz Saenz
General Counsel